Reporting and visualization needs will drive location analytics market trends

The location analytics market expansion will be driven by the increasing demand to pull out additional insights from the geolocation information and business data. The utilization of location analytics solutions is recently helping in tracking potential COVID-19 virus carriers through contact tracing methodology. The contact tracing process is basically a form of location-based analytics where insights are gathered from extracted data in-line with an additional layer of geo-location information.

The growing demand to fetch additional business supportive information from both geographical and transactional data is expected to foster industry expansion. These solutions help organizations to merge location and sales data to identify profitable opportunities. According to a Global Market Insights, report, global location analytics market size is poised to surpass US$30 billion by 2026.

These systems also allow companies to evaluate their sales revenue based on territories and marketing campaigns. Additionally, the advancement of analytical and mapping tools is facilitating professionals to efficiently analyze business information and support business expansion.

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Notably, the reporting and visualization segment are poised to grow considerably between 2020 and 2026. A location analytics solution is utilized to visualize and report business data in a geographic context that helps in targeting potential customers, market and other business opportunities.

With the help of customized geospatial report, companies can locate a specific problem and make business decisions accordingly. Companies heavily reply on location analytics solutions for advanced reporting to extract actionable insights from spatial data.

The outdoor positioning segment is likely to account for a major share in the upcoming years. Organizations functional in a broad geographical region locate business assets and opportunities globally with the help of location data analytics.

These systems also provide meaningful and in-depth business insights with the help of outdoor location intelligence. The advanced analytics and location awareness technology allow companies to outline business plans for broader geographies and to locate customers and important business metrics in real-time outdoor locations.

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The application of location analytics solutions & services in supply chain planning and optimization will grow significantly in the upcoming years. The use in supply chain management helps organizations to identify obstacles and potential delays in logistics. This further allow companies to optimize the effectiveness of the supply chain by reducing lead time and increasing damage performance.

The location analytics solutions demand in the healthcare sector has increased substantially in recent past. In a bid to identify and locate growing number of COVID-19 patients, the utilization of geospatial data has helped drastically. Public and private healthcare agencies are getting remarkable support from location-based platforms offered by various companies.

For example, in June 2020, ESRI Saudi, in co-operation with the Ministry of Health, Saudi Arabia, introduced real-time dashboard for COVID-19 information with geography-based statistical data. The COVID-19 dashboard is used to monitor and analyze the coronavirus cases across the country through the real-time location-based information network.

The Asia Pacific location analytics industry is expected to account for nearly 25% market share by 2026. The regional industry expansion will be augmented by the growing demand for location-based data for effective decision-making process across companies in countries like India, China, and Japan. For example, a Japan-based location data provider, ZENRIN, joined hands with Here Technologies in June 2020, to provide location-based data services to enterprise customers.

Prominent companies in the industry are providing comprehensive suite of location analytics to government defense agencies. For example, the UK Ministry of Defense and ESRI UK came together in a three-year long strategic geospatial partnership in July 2020. Under the partnership, the Ministry of Defense UK got assistance from ESRI UK in strategizing land, maritime, and air defense technology services.